When last did you review your insurance to make sure that you are adequately insured and still paying a fair price? I know it’s a pain but it’s worth doing on an annual basis, or possibly every second year if you’re not too keen on admin.
#MoneyMonday – short to-the-point money thought every Monday to give you motivation, perspective or action for the week.
How to review your insurance
You don’t need to spend too much time on this exercise, but it is important to know what insurance you have, how much you are paying, and what you get. Ask yourself the following questions and search through your records for the answers.
- Am I adequately insured for all my assets? Car, home, life, income, etc.
- Am I over insured and paying too much for insurance I don’t need?
- What about paying for services and extras that I don’t need?
- And importantly, am I paying a fair and market-related premium?
Take a listen to how Tebogo saved money by phoning his insurance companies to negotiate better rates. I tried this myself last week but was unfortunately not successful. Interestingly though, after contacting my financial advisor who initially helped me find the insurer, he got me a R200 discount in under an hour!
Reminds me of that song
“If at first you don’t succeed
Dust yourself off, and try again
You can dust it off and try again, try again”
You may not always succeed at finding a better price or service and that’s okay. Just try again in a few months time.
Find all your insurance policies and print them out if needed.
Highlight important aspects such as what you are covered for, free services, additional extras, premiums and special clauses.
Make sure that you are adequately insured and phone another insurer to get a comparative quote.